Worksheet: Recording of Transactions - I | Accountancy Class 11 - Commerce PDF Download

Q1: If total assets of a business are Rs 2,60,000 and capital is Rs 1,60,000 calculate the outside liabilities.

Q2: If total assets of a business are Rs 2,60,000 and net worth is Rs 1,60,000. Calculate the creditors.

Q3: Do you think that a transaction can break the accounting equation?

Q4: State when is a capital account debited.

Q5: When proprietor withdraws cash for his/her personal use what will be the effect on capital?

Q6: When an account is said to have a debit balance and credit balance?

Q7: Why is the evidence provided by source documents important to accounting?

Q8: Prepare the accounting equation on the basis of the following
(i) Started business with cash Rs 70,000.
(ii) Credit purchases of goods Rs 18,000.
(iii) Payment made to creditors in full settlement Rs 17,500.
(iv) Purchase of machinery for cash Rs 20,000.

Q9: What entry (debit or credit) would you make to
(i) increase revenue,
(ii) decrease in expense
(iii) record drawings,
(iv) record the fresh capital introduced by the owner.

Q10: Analyse the effect of each transaction and prove that the accounting equation(A = L + C) always remains balanced.
(i) Introduced Rs 4,00,000 as cash and Rs 25,000 by stock.
(ii) Purchased plant for Rs 1,50,000 by paying Rs 7,500 in cash and balance at a later date.
(iii) Deposited Rs 3,00,000 into the bank.
(iv) Purchased office furniture for Rs 50,000 and made payment by cheque.
(v) Purchased goods worth Rs 40,000 for cash and for Rs 17,500 on credit.
(vi) Goods amounting to Rs 22,500 was sold for Rs 30,000 on cash basis.
(vii) Goods costing to 1 40,000 was sold for 1 62,500 on credit basis.
(viii) Cheque issued to the supplier of goods worth Rs 17,500.
(ix) Cheque received from customer amounting to Rs 37,500.
(x) Withdrawn by owner for personal use Rs 12,500.

You can access the solutions to this worksheet here.